Question

A loan of $8,945 was repaid at the end of 18 months. What size repayment check (principal and interest) was written, if a 6.4% annual rate of interest was charged? The amount of the repayment check was $ (Round to two decimal places.)

          A loan of $8,945 was repaid at the end of 18 months. What size repayment check (principal and interest) was written, if a 6.4% annual rate of interest was charged?
The amount of the repayment check was $ (Round to two decimal places.)

A loan of 8,945 was repaid at the end of 18 months. What size repayment check (principal and interest) was written, if a 6.4% annual rate of interest was charged?
The amount of the repayment check was (Round to two decimal places.)

Added by Norma B.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Gregory Higby

07/10/2023

Step 1

To convert the annual interest rate of 6.4% to a monthly interest rate, divide it by 12 (the number of months in a year). Monthly interest rate = 6.4% / 12 = 0.5333% (rounded to four decimal places) Show more…

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Texts: A loan of $8945 was repaid at the end of 18 months. What size repayment check (principal and interest) was written if a 6.4% annual rate of interest was charged? A loan of $8,945 was repaid at the end of 18 months. What size repayment check (principal and interest) was written if a 6.4% annual rate of interest was charged? The amount of the repayment check was $[insert correct amount]. (Round to two decimal places.)